Marcus & Millichap—a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services—has sold the Baymont Inn & Suites Midland Center, a 76-room Wyndham-branded hotel in Midland, Texas.
"We were pleased our platform procured multiple offers for this asset. As the most active hotel brokers in the Permian Basin, we are confident that demand will continue to grow, driven by the region's sustained economic expansion," Allan Miller said in a statement. Miller is the senior managing director investments in Marcus & Millichap’s Austin office. "Our experience in this market reinforces that this is the ideal time for buyers to capitalize on an improving RevPAR trend."
Miller had the exclusive listing to market the property on behalf of the private seller and secured the buyer, an out-of-state private investor. Chris Gomes, senior managing director in the Dallas office, was listed on the transaction as a supporting broker. The Baymont by Wyndham Midland Center is the team’s 14th transaction in the Midland/Odessa Metropolitan Statistical Area since 2010.
Built in 2016, Baymont Inn & Suites Midland Center has 76 rooms across three floors, with amenities including a hot breakfast bar, business center and fitness center. Located at 3100 US Hwy 150 East, it is positioned off Interstate 20.